Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q2 2025, the company's operating revenue reached 2.25 billion, representing a year-on-year growth of 23%, while the net profit attributable to the parent company was 52 million, showing a year-on-year decline of 1.4% [2][4]. - The company has actively implemented an inventory clearance plan to optimize inventory structure and improve turnover efficiency, resulting in a significant reduction in inventory pressure [9]. - The company’s subsidiary, Tongtuo Technology, achieved a revenue of 860 million in H1 2025, turning a profit with a net profit of 2.82 million, indicating improved operational conditions and profitability [9]. Summary by Sections Financial Performance - In H1 2025, the company’s revenue from Yibai Network was 3.676 billion, up 4.43% year-on-year, but the net profit dropped by 65% due to inventory optimization efforts [9]. - The inventory level was optimized to 1.27 billion, a decrease of 30% compared to the end of 2024 and a 15% decrease from Q1 2025, alleviating inventory pressure [9]. - The gross profit margin in Q2 2025 decreased by 1.4 percentage points year-on-year, while the sales expense ratio increased by 3.9 percentage points [9]. Future Outlook - The company is expected to benefit from inventory structure optimization and proactive new product replenishment, leading to improved operational efficiency [9]. - The anticipated net profits for the company are projected to be 280 million, 380 million, and 490 million for the years 2025, 2026, and 2027 respectively [9].

Core Viewpoint - The cross-border e-commerce industry in China has demonstrated strong resilience and vitality amid frequent fluctuations in the international environment, with a projected import and export volume of approximately 1.32 trillion yuan in the first half of 2025, representing a year-on-year growth of 5.7% [1] Group 1: Industry Performance - Six leading cross-border e-commerce companies have shown varied performance, with some achieving double-digit revenue and profit growth, while others experienced a dramatic 81% decline in net profit [2] - The industry is undergoing a dramatic dual-line development characterized by stark contrasts in performance [3] Group 2: Key Players and Growth - Companies like Anker Innovations, Yingshi Innovations, and Ugreen Technology are examples of "reverse growth," achieving both revenue and profit growth by focusing on brand and product strength [4] - Anker Innovations reported a revenue of 12.867 billion yuan in the first half of the year, a year-on-year increase of 33.36%, with a net profit of 1.167 billion yuan, up 33.8% [4] - Yingshi Innovations achieved a revenue of 3.671 billion yuan, a 51.17% increase, while Ugreen Technology reported a total revenue of 3.857 billion yuan, growing by 40.6% [4] Group 3: Market Trends - The U.S. remains a primary export destination, but growth in the U.S. e-commerce market has slowed due to inflation and reduced consumer demand, while markets in Europe, Southeast Asia, and Latin America are showing growth [5] - The compound annual growth rates for e-commerce markets in Europe, Southeast Asia, and Latin America are projected at 7.95%, 8.79%, and 9.43% respectively from 2025 to 2029 [5] Group 4: Channel Development - Amazon and third-party platforms dominate the market, but independent sites are growing rapidly, with Anker Innovations reporting a revenue growth of 42.64% from independent sites [6] - Anker Innovations is also expanding into offline markets, with a revenue growth of 43.6% from offline channels [6] Group 5: R&D and Innovation - Companies are increasingly investing in R&D, with Anker Innovations spending 1.195 billion yuan on R&D, a 49% increase, and Yingshi Innovations doubling its R&D expenses to 561 million yuan [7] - The application of AI in various operational aspects is becoming common among cross-border e-commerce companies, enhancing product development and operational efficiency [7] Group 6: Challenges for Traditional Models - Traditional "bulk selling" models are facing significant challenges, with companies like Huakai Yibai experiencing an 81.36% drop in net profit despite a 28.97% revenue increase [8] - Huakai Yibai is restructuring its inventory and focusing on premium business branding, while also facing rising logistics costs due to changing tariff policies [8] Group 7: Transition Strategies - Companies like San Tai Co. are shifting from traditional "bulk selling" to a "precision selling" model, enhancing product development efficiency through improved selection systems [9] - Both Huakai Yibai and San Tai Co. are exploring new service-oriented business models, although these initiatives are still in their early stages and have not yet contributed significantly to their performance [10][11]

Group 1 - The internet e-commerce sector rose by 2.15% on September 5, with 壹网壹创 leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the internet e-commerce sector showed significant price increases, with 壹网壹创 rising by 7.90% to a closing price of 30.33 [1] Group 2 - The internet e-commerce sector experienced a net outflow of 49.52 million yuan from institutional investors, while retail investors saw a net inflow of 51.45 million yuan [2] - The trading volume for key stocks included 国联股份 with a closing price of 28.70, up 5.05%, and a trading volume of 237,100 shares [2] - The stock 跨境通 had a closing price of 5.50, with a trading volume of 1,495,500 shares and a net inflow of 8.03 billion yuan [2][3] Group 3 - 主力资金流向 indicated that 国联股份 had a net inflow of 60.73 million yuan, while 壹网壹创 had a net outflow of 23.86 million yuan [3] - 散户资金流入 for 三态股份 was 1.01 million yuan, while the net outflow for ST易购 was 3.11 million yuan [3] - The overall market sentiment showed mixed results, with some stocks experiencing significant retail interest despite institutional outflows [3]

证券代码：300592 证券简称： 华凯易佰 公告编号：2025-082 华凯易佰科技股份有限公司 关于股东部分股份解除质押的公告 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | 股东名称 | 持股数量 | 持股比例 | 本次解除质 | 本次解除质 | 占其所 | 占公司 | 已质押股份情况 已质押股份 | 占已质 | 未质押股份情况 未质押股份 | 占未质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 押前质押股 | 押后质押股 | 持股份 | 总股本 | | | | | | | （股） | % | 份数量（股） | 份数量（股） | 比例% | 比例% | 限售和冻结 | 押股份 | 限售和冻结 | 押股份 | | | | | | | | | 数量（股） | 比例% | 数量（股） | 比例% | | 周新华 | 35,739,858 | 8.84 | 13,076,000 | 13,076,000 | 36.59 | 3.23 | 0 | 0.00 | 2,620,800 | ...

Market Overview - On September 3, the internet e-commerce sector declined by 2.72% compared to the previous trading day, with Liren Lizhuang leading the decline [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Liren Lizhuang (code: 605136) closed at 9.57, down 4.40% with a trading volume of 169,700 shares and a transaction value of 1.66 billion [1] - Qiangmu Technology (code: 301110) closed at 62.30, down 4.37% with a trading volume of 30,500 shares and a transaction value of 195 million [1] - JiaoDian Technology (code: 002315) closed at 47.86, down 4.15% with a trading volume of 70,600 shares and a transaction value of 344 million [1] - Other notable declines include Lianghui Co. (down 3.90%), Kaichun Co. (down 3.16%), and Kuaijingtong (down 3.09%) [1] Capital Flow Analysis - The internet e-commerce sector experienced a net outflow of 260 million from main funds, while retail investors saw a net inflow of 284 million [1] - The table of capital flow indicates that major funds had a negative net inflow in several companies, including ST Tongpu and ST Yigou, while retail investors showed positive net inflows in companies like Kaichun Co. and others [2]

证券之星消息，华凯易佰(300592)9月2日公开信息显示，股东泗阳超然迈伦企业管理合伙企业(有限合 伙)向招商证券股份有限公司合计质押810.0万股，占总股本2.0%。质押详情见下表： | 810.00 | 2.00% 2025-08-28 | | --- | --- | | 质权方 | | | 出质股东 泗阳超然迈伦企业管理 招商证券股份 合伙企业（有限合伙） 有限公司 | | | 26.03% | | 截止本公告日，股东周新华已累计质押股份1307.6万股，占其持股总数的36.59%，股东泗阳超然迈伦企 业管理合伙企业(有限合伙)已累计质押股份810.0万股，占其持股总数的26.03%，股东庄俊超已累计质押 股份1220.0万股，占其持股总数的41.56%，股东罗晔已累计质押股份823.0万股，占其持股总数的 39.24%。本次质押后华凯易佰十大股东的累计质押股份占持股比例(占持股比例的计算以公司最新一期 财务报表公布的十大股东的持股总数为基准)见下图： 华凯易佰财务数据及主营业务： 华凯易佰2025年中报显示，公司主营收入45.38亿元，同比上升28.97%；归母净利润3674.05万元，同比 下降7 ...

Group 1 - The company Huakai Yibai announced on the evening of September 1 that its fourth board of directors held its eleventh meeting, where it approved the proposal to convene the first temporary shareholders' meeting of 2025 [2]

Group 1 - The company held its 11th meeting of the 4th Board of Directors on August 29, 2025, with all 9 directors present, and the meeting complied with legal and regulatory requirements [1][2] - The Board proposed adjustments to the performance assessment targets of the 2024 Restricted Stock Incentive Plan to enhance the adaptability of the incentive mechanism and stabilize the confidence of the core team [1] - The proposal received 3 votes in favor and was approved, pending submission to the shareholders' meeting scheduled for September 17, 2025 [2] Group 2 - The adjustments aim to guide management to focus on long-term value creation and promote stable development in a complex international environment [1] - The proposal was reviewed and approved by the Audit Committee and the Compensation and Assessment Committee of the Board [2] - The company will disclose further details regarding the shareholder meeting on its official information platform [2]

证券代码：300592 证券简称：华凯易佰 华凯易佰科技股份有限公司 2024 年限制性股票激励计划 （草案修订稿）摘要 华凯易佰科技股份有限公司 二〇二五年九月 华凯易佰科技股份有限公司 2024 年限制性股票激励计划（草案）摘要 在本激励计划草案公告当日至激励对象获授的限制性股票完成登记前，若公 司发生资本公积转增股本、派发股票红利、股份拆细、配股或缩股等事宜，限制 性股票的授予数量将根据本激励计划相关规定予以相应的调整。 1 声明 本公司及全体董事、监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 一、《华凯易佰科技股份有限公司 2024 年限制性股票激励计划（草案）》 （以下简称"本激励计划"）系依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司股权激励管理办法》《深圳证券交 ...

证券代码：300592 证券简称：华凯易佰 公告编号：2025-079 华凯易佰科技股份有限公司 关于调整公司 2024 年限制性股票激励计划 业绩考核指标的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 华凯易佰科技股份有限公司（以下简称"公司"）于 2025 年 9 月 1 日召开第 四届董事会第十次会议，审议通过了《关于调整 2024 年限制性股票激励计划公 司层面业绩考核指标的议案》，拟对公司 2024 年限制性股票激励计划（以下简 称"激励计划"）公司层面业绩考核指标进行调整，该事项尚需提交公司股东会审 议，现将有关事项说明如下： 8、2025 年 5 月 16 日，公司召开 2024 年年度股东大会，审议通过了《关于 回购注销部分限制性股票并调整回购价格和回购数量的议案》。同日，公司披露 了《关于回购注销部分限制性股票减少注册资本暨通知债权人的公告》（公告编 号：2025-046）。2025 年 7 月 9 日，公司披露了《关于部分限制性股票回购注销 完成的公告》（公告编号：2025-054） 9、2025 年 9 月 1 日，公司召开第四届 ...